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Should Defaults Be Forgotten?: Evidence from Variation in Removal of Negative Consumer Credit
Marieke Bos (au); Leonard Nakamura (au)
Practically all industrialized economies restrict the length of time that credit bureaus can retain borrowersäó» negative credit information. There is, however, a large variation in the permitted retention times across countries. The authors investigate what happens when negative information is deleted earlier from credit files. They find that the loss of information led banks to tighten their lending standards significantly as the expected retention time was diminished from on average three-and-a-half to three years exactly. They also find that borrowers who experience this shorter retention time default more frequently. Since borrowers nevertheless obtain more net access to credit and total defaults do not increase overall, the authors cannot rule out that this reduction in retention time is optimal. Figures and tables. This is a print on demand report.
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